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Homework answers / question archive / this question concerns Financial Management, please answer and show the step-by-step equation/process

this question concerns Financial Management, please answer and show the step-by-step equation/process

Finance

this question concerns Financial Management, please answer and show the step-by-step equation/process.

Question: Make a comparison between any two local banks interest rates on savings account and maintaining balances. Provide an example computation.

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ANSWER

banks chosen

1.HDFC BANK - 3% (compounded Quarterly)

2. SBI -2.7% (compounded quartetly)

SUPPOSE

DEPOSITED AMOUNT = 10,000

TIME PERIOD 10 YEAR

COMPUTE FUTURE VALUE

  HDFC SBI
AMOUNT 10000 10000
TIME PERIOD 5 YEARS 5 YEARS
RATE 3.00% 2.70%
AMOUNT AT THE END OF YEAR    
1 10,303.39 10,272.75
2 10,615.99 10,552.93
3 10,938.07 10,840.76
4 11,269.92 11,136.44
5 11,611.84 11,440.18

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